Not trying to argue or stir up drama, just purely matching this standard to the projects: 1. Projects that fit this are 2Z. Zero allocation, purely MM-driven. And then 'distribution based on labor' is essentially airdrops. Objectively, some people's 'labor' is disproportionately cheap (a.k.a studios). 2. Projects that fit this are memecoins (don’t talk to me about HL), 100% circulation. Another thing I’m curious about: as a VC, if there’s no VC involvement, how do you invest? Directly buy from the open market? 3. Projects that fit this are those with founders brought in to endorse, because contracts need to be signed. If not, then what’s the founder here for? Did they design a job for themselves to work on? 4. Projects that fit this are platform tokens from various second- and third-tier exchanges. Basically, it’s like having insufficient liquidity—similar to those self-hype tokens on Base with super high FDV but daily trading volume under $100K. 5. For this part, you can refer to Jucoin, which has clear benchmarks (biggest benchmark being Binance), 10x expectations (pumping every day before the rug pull).